NEW YORK, Aug. 20, 2008 (GLOBE NEWSWIRE) -- Green Mountain Recovery, Inc. (OTCBB:GRNN), (the "Company"), announced that it has purchased a $4.7 million portfolio of charged-off receivables that includes a mixture of charged-off credit card debt, automobile deficiencies and consumer loans that originated from prime issuers. The portfolio consists of over 900 individual accounts located primarily in the Northeast. The Company plans on implementing an aggressive legal strategy in order to liquidate the portfolio at favorable rates.
"With an increase in supply of consumer debt, we are seeing more opportunities to purchase quality paper at attractive prices that fits well with our collection strategy," said Joseph Levi, President of the Company. Mr. Levi added that "the Company believes that its collection strategy is well-suited to maximize returns under current market conditions."
About Green Mountain Recovery, Inc.
Green Mountain Recovery, Inc. acquires, manages and liquidates portfolios of charged-off consumer receivables.
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This news release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including the recent economic slowdown affecting technology companies, our ability to successfully develop products, rapid technological change in our markets, changes in demand for our future products, legislative, regulatory and competitive developments and general economic conditions. Our Quarterly Reports on Form 10-Q, Form 10-K and other SEC filings discuss some of the important risk factors that may affect our business, results of operations and financial condition. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.